St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-01
COMMERCIAL NATIONAL BANK,
The Latest Addition to st. Paul's Great
ness as Banking Center.
A History Of the Officers Of the New
Institution.
Men Well Known in the Financial
World.

On Tuesday next the Commercial Ma
tional bank of st. Paul will open its hos
pitable doors to the public, and thus
will be inaugurated another institution
to swell the already many millions that
go to make st. Paul the monied center
of the Northwest. It's officers are men
well known to all, and are recognized as
financiers of marked ability. They are {:
President, Albert Scheffer; first vice
president, p. H. Kelly; second vice
president, Charles Kittelson, and cash
Ter, Hermann Scheffer. The bank will
start with paid up capital of half a
million dollars, and SO popular are the
officers, so much confidence and trust
de the public place III them that, though
no stock was offered, the call for it was
so heavy that the officers and directors
could not possibly promise it to anyone.
Up to date applications for over $780,
600 have come in. AS result the stock
has had to be splitup, so as to go around
to the IT'S holders who were lucky
enough to be first in the field.
The banking rsom, corner of Fourth,
and Jackson streets, is large, conmodi-
Gus and well lighted, and is being fitted
up in quietly luxurious manner, in
good taste and keeping. The fre-preof
vault is one that has stoed the test of
perhaps one of the hottest fires in the
history of St. Paul. Within this vault
is CerlisS spherical burglar proef safe,
the walls of which are sixinches thick, of
Sslid chilled iron, and inpregnable to the
most effective tools of the burglars kit.
A short synopsis of the business career
of the officers of this institution would
be in keeping with the article. Albert
Scheffer, at the age of about Is, started
in as beOkkeeper for ID. W. Ingersell d
Co, the dry goods merchants; he COR
tinued with this firm for several years,
and then took position with the Bank
Of Saltwater as assistant cashier. When
the war broke out he enlisted, and at it's
ending went as bookkeeper to whole
sale house in Milwaukee. In 1866 he
returned to st. Paul and became assist
ant teller of the First National bank,
and in 1869 became its assistant cashier.
In 1870 he entered the firm of Dawson
& Co., private Bankers, as partner; and
in April, 1882, the firm name was changed
to that of Dawson, Smith & Scheffer, and
again in November, 1882, to the Bank of
Minnesota, incorporated under the state
laws. Mr.. Scheffer was elected cashier
VI bdIiA, slIii budU poSlllOll
until he was called to the presidency 81
the new bank, the Commercial National
of st. Paul. 49,.
P. II. Kelly, ESQ.,, the first vice presi-
dent, is two well known socially and in
business way to need further intro
duction, his reputation has outgrown
the NOrthweSt-it is national. The sec
Ond vice president, Mr.. Charles Kittel-
son, a native of Norway, has been iden-
titled with Minnesota for many years.
After serving through the war, he was
elected treasurer of Frecbern county in
1867, which position he held for twelve
years. In 1874 he was presidential
elector, and in 1879 was chosen by the
people as state treasurer, in which Office
he remained seven years. Since the end
of his service to the state he has been
concerned in formulating the plans
which brought about the Inauguration
of this new bank.
Mr.. Hermann Scheffer, the cashier,
received his financial education
under the supervision of his
uncle in the Bank of Minnesota.
He started in as messenger boy
and by hard work, energy and push,
gradually, step by step, became its as
sistant cashier, which position he re-
signed to accept the cashiership of the
new bank.
These gentlemen propose making this
bank the NEST popular in the city. They
intend to take all accounts, whether
large or small; the depssitsr with his
sic will receive the same courtesy rs
though it were that many thousands.
Their vast experience and liberal views
will enable them to do business in the
NEST modern style, and with enough
conservatism to observe the principles
of sound banking. AS hundreds of mer-
chants and capitalists rushed forward to
take stock in this bank, so also hun
dreds have signified their intention of
becoming depositOrs, and the financial
success is assured at the start.